Stable, developer of a new block chain built around the USDT of Tether, said he raised $ 28 million in a round of seeds directed by Bitfinex and Hack VC.
Other sponsors include Franklin Templeton, Castle Island Ventures and Kucoin Ventures, along with Angel investors such as the CEO of Tether, Paolo Ardoino, and the founder of Braintree Bryan Johnson.
The stable block chain, described as a “stablechain”, aims to convert the USDT into the base of digital payments worldwide by offering rapid settlement, low rates and a stable account unit in a package.
The increase follows the Genius law, which establishes a regulatory framework for stables such as USDT, being signed.
“The infrastructure of payments worldwide needs a review, and traditional methods have failed to achieve rapid, reliable and safe digital payments despite the massive demand of consumers around the world,” said the Stable CEO Joshua Harding in a statement. “Stable it was developed to take advantage of the potential behind Stablecoins such as USDT to offer instant payments and without problems, directly addressing problems with current payment rails.”
The Stable Roadmap takes place in three phases this year. Phase one converts the USDT into the gas token and implements sub-second blocking times. Phase two will introduce blockspace guarantees for business degree payments, and phase three will focus on developer tools and performance updates, according to the statement.
The project is not just when focusing on Stablcoins. Just this week, the stablecoin -centered network plasma raised $ 373 million in a sale of excess token. The network offers Stablecoin transfers without rates.
The Stablecoin industry has grown exponentially in recent years to have a market capitalization of $ 273 billion. It is largely dominated by American dollar stable such as the USDT of Tether and the USDC of Circle.
